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DISCONTINUED OPERATIONS
 12 Months Ended
Mar. 31, 2018
DISCONTINUED OPERATIONS [Abstract]  
DISCONTINUED OPERATIONS
NOTE 2.  DISCONTINUED OPERATIONS

On March 18, 2015, we entered into an asset purchase agreement (“APA”) with Antech pursuant to which we sold substantially all of the assets of our AVRL business.  The sale transaction closed on March 31, 2015.  The total purchase price under the APA was $21.0 million in cash.  In connection with the sale of our AVRL business, during the fourth quarter of fiscal 2015, we received $20.1 million in cash proceeds and we recognized a pre-tax gain of $12.3 million ($7.7 million after-tax) on the sale of discontinued operations during fiscal 2015.  The pre-tax gain on this sale in fiscal 2015 reflects the excess of the sum of the cash proceeds received over the costs incurred in connection with the sale of AVRL.  During the fourth quarter of fiscal 2016, we recorded a pre-tax gain of $0.9 million ($0.6 million, after-tax), as a gain on sale of discontinued operations, upon meeting certain conditions by the first anniversary of the closing date in March 2016.  In accordance with the accounting guidance, the AVRL business represents a separate asset group and the sale of assets in this business qualifies as a discontinued operation.

The results from discontinued operations were as follows (in thousands):

  
Year Ended March 31,
 
Discontinued operations:
 
2018
  
2017
  
2016
 
Revenues
 
$
698
  
$
713
  
$
760
 
Cost of revenues
  
698
   
713
   
985
 
Gross profit (loss)
  
-
   
-
   
(225
)
Operating expenses
  
-
   
101
   
(91
)
Other income (expense), net
  
-
   
-
   
127
 
Loss before income tax provision
  
-
   
(101
)
  
(7
)
Income tax benefit
  
-
   
(38
)
  
(4
)
Net loss of discontinued operations
 
$
-
  
$
(63
)
 
$
(3
)
Gain on sale of discontinued operations, net of tax
 
$
-
  
$
-
  
$
559
 

The current assets and liabilities of discontinued operations were as follows (in thousands):

  
March 31,
 
  
2018
  
2017
 
Receivables, net
 
$
42
  
$
66
 
Total current assets of discontinued operations
 
$
42
  
$
66
 
         
Other current liabilities
 
$
66
  
$
85
 
Total current liabilities of discontinued operations
 
$
66
  
$
85